reusd

According to CoinDesk, a price fluctuation of about 3% in tokens on the lending platform Morpho triggered approximately $36 million in liquidations. The incident was caused by a wallet that bought a large amount of the yield token YT-reUSD issued by Pendle, pushing the implied annual yield up to 20% before quickly selling it, resulting in a price drop of about 3% for the corresponding principal token PT-reUSD.Previously, some traders deposited PT-reUSD into Morpho, borrowed stablecoin USDC, and then bought more PT-reUSD in a circular operation, leaving less than 3% of liquidation buffer space for leveraged positions. Morpho uses oracle prices, taking the lower value between the average trading price of PT-reUSD over the past 15 minutes and a fixed path that gradually approaches $1 at maturity. Liquidation is triggered when the market price falls below this curve. Pendle stated that the price source configuration is correct and operates as designed.Steakhouse Financial, responsible for managing the related lending market, stated that its lenders in the treasury were unaffected, with no bad debts incurred, and the proceeds from the liquidation were sufficient to repay the loans. After withdrawing funds during the investigation, Steakhouse reinvested, and the underlying asset reUSD was unaffected.

According to PeckShieldAlert monitoring, the wallet address 0x854e...690d purchased YT reUSD in the market, pushing the implied yield up to 20%, and then quickly sold off that position, triggering a liquidation of approximately $36.39 million in the PT reUSD circular position on Morpho.

ChainCatcher news, the official team of the Resupply protocol has initiated a remediation proposal in the community to address the 10 million ReUSD bad debt issue encountered earlier this week. The proposal outlines a set of governance actions aimed at eliminating the protocol's bad debt and providing retention rewards for affected users.The measures in the first phase include destroying 6,000,000 ReUSD bad debt through the insurance pool, which accounts for 15.5% of the 38.7 million reUSD in the insurance pool, and repaying the remaining $1,131,168 bad debt through future revenue sources. Additionally, the proposal includes shortening the voting period to expedite the decision-making process and providing an IP retention plan for insurance pool depositors, incentivizing them to stay in the insurance pool with additional RSUP tokens.

ChainCatcher message, Resupply released a hacker attack analysis report, which pointed out that the attack on the crvUSD-wstUSR trading pair of Resupply resulted in approximately 10 million USD in reUSD bad debt, but the vulnerability only exists in specific token trading pairs, and other token trading pairs are unaffected. The Resupply market is operating as usual.Currently, the debt limit for the affected token trading pairs has been set to 0, and withdrawals from the insurance pool have been suspended, requiring a formal governance vote to lift the suspension. Resupply noted that the problematic code segment has undergone multiple security audits, and independent researchers have been hired to review the codebase, but no reports of the issue were made. At this stage, the stolen funds remain on-chain, and they are monitoring the situation and will take necessary measures.